SKN | JPMorgan Expands Consumer M&A Leadership as Bank of America Faces Further Banker Departures

Key Takeaways:

• JPMorgan recruits Richard Peacock: The Bank of America veteran is expected to become JPMorgan’s global head of consumer and retail M&A early next year, strengthening its leadership in a key advisory sector.
• Competition for senior dealmakers intensifies: Peacock’s reported departure follows other prominent moves from Bank of America to JPMorgan and Citigroup as Wall Street banks compete for experienced bankers.
• JPMorgan builds on its sector position: The bank ranked first in Dealogic’s consumer and retail investment banking league tables in the first half of 2026 and throughout 2025, according to the report.

JPMorgan Adds Experienced Consumer and Retail Banker

JPMorgan Chase is hiring Richard Peacock, a senior consumer and retail mergers and acquisitions banker from Bank of America, according to four people familiar with the matter cited in the report. Peacock is expected to join JPMorgan early next year as global head of consumer and retail M&A, based in New York.

Peacock joined Bank of America more than a decade ago and was named co-head of its newly established private capital M&A group earlier this year. The group was created to help private equity firms across sectors monetize their investments and pursue strategic transactions.

His reported move comes as a strong mergers and acquisitions market increases competition among major investment banks for experienced dealmakers. Senior bankers bring industry knowledge, corporate relationships and transaction experience that can influence which institutions win advisory mandates.

Bank of America and JPMorgan declined to comment on the reported appointment, while Peacock could not be reached for comment.

JPMorgan Strengthens Its Consumer Banking Advisory Franchise

Peacock’s expected appointment follows other senior additions to JPMorgan’s investment banking business. Earlier this month, the bank announced the hiring of former Sycamore Partners executive Rob Sweeney as global chair of investment banking. Sweeney is expected to advise major corporate clients, particularly in consumer and retail, and work with senior bankers on important client relationships.

JPMorgan also hired Ian Carnegie-Brown from UBS this year. These appointments reflect a continued emphasis on strengthening senior leadership and corporate coverage across its investment banking platform.

The bank’s existing position in consumer and retail advisory provides context for the recruitment strategy. According to Dealogic rankings cited in the report, JPMorgan ranked first in the sector during the first half of 2026 and for the full year 2025.

Its recent advisory assignments included work for Alimentation Couche-Tard in connection with its announced plans to acquire convenience store chain Zabka, and for Ingredion in its agreement to acquire food ingredients rival Tate & Lyle.

Maintaining this position will depend on continued client relationships, transaction execution and the ability to compete for major mandates as market conditions evolve.

Bank of America Faces Continued Senior Departures

Peacock is the latest in a series of senior investment bankers reported to be leaving Bank of America. During the summer, Andrew Conway departed to become Citigroup’s global chair of consumer and retail investment banking.

JPMorgan has also recruited several prominent Bank of America bankers in recent months, including David Fishman, Amy Lissauer and Kevin Brunner. The repeated movement of senior professionals has drawn attention to the bank’s ability to retain experienced dealmakers during an active period for mergers and acquisitions.

These departures matter because sector bankers often maintain long-standing relationships with corporate executives, private equity firms and other financial sponsors. Losing experienced professionals can create challenges for client coverage and succession planning, although the impact on revenue depends on whether remaining teams can maintain relationships and continue winning business.

Bank of America has emphasized that it continues to invest in talent. The bank has said it hired more than 40 new managing directors in its corporate and investment bank during 2026.

Implications for Investment Banking Competition

The movement of senior bankers highlights the importance of human capital in a business where reputation, sector expertise and client trust can influence transaction outcomes. Recruitment can strengthen an advisory franchise, but the commercial benefits typically depend on the ability to convert experience and relationships into completed deals.

For JPMorgan, Peacock’s expected arrival adds another senior figure to an already highly ranked consumer and retail business. For Bank of America, the priority is to preserve continuity in corporate coverage while integrating new hires and retaining the professionals who support its broader advisory platform.

Investors evaluating the banks should consider these personnel developments alongside investment banking fees, completed transactions, compensation expenses and broader M&A activity. Individual appointments are strategically relevant, but they do not independently establish the future direction of market share or earnings.

Closing Insights

JPMorgan’s expected recruitment of Richard Peacock reinforces its investment in consumer and retail M&A leadership at a time when competition for experienced bankers remains intense. Its strong sector rankings and recent senior appointments provide context for the strategy, while Bank of America’s continuing recruitment efforts indicate that it is also working to maintain its competitive position.

The longer-term outcome will depend on which institutions translate their talent strategies into stronger client relationships, more advisory mandates and sustainable investment banking revenue.

For a confidential discussion about wealth strategy, financial risk, or cross-border financial planning, contact the SKN CBBA advisory team.